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New Brunswick tackles pension sustainability

Shared-risk plans could provide road map for pension design for all firms

By Jana Steele

01/13/2014|Canadian HR Reporter|Last Updated: 01/13/2014

In 2012, New Brunswick introduced a new pension design: the shared risk plan (SRP). Shared risk plans and other target benefit designs are the pension plans of today and the future. New Brunswick is among the leaders in this significant change in the pension landscape in Canada.

Why SRPs?

New Brunswick recognized there were sustainability issues with certain defined benefit (DB) pension plans in the province that had to be addressed. The sustainability issues resulted from many factors including low interest rates, changing demographics and increasing life expectancy.